FIRST AMENDMENT TO EMPLOYMENT AGREEMENT Brad Edson
FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT
Xxxx
Xxxxx
This
First Amendment to Employment Agreement (the “Amendment”)
by and
between NutraCea, a California corporation (the “Employer”)
and
Xxxx Xxxxx (the “Employee’),
entered into as of the 10th
day of
December, 2004 (the “Agreement”),
is
made and effective as of the 8th
day of
January 2008. Capitalized terms not specifically defined hereunder shall have
the meanings assigned to them under the Agreement.
1. Term.
Section
2.2 of the Agreement is hereby amended to provide an extended Term of three
years, beginning January 1, 2008, and ending December 31, 2010. Section 2.2
of
the Agreement is replaced and amended to read in its entirety as
follows:
“2.2 Renewal
Term:
The
term
of this Agreement is renewed for a three year term, beginning on January 1,
2008, and ending on December 31, 2010. Thereafter, this Agreement shall
automatically be extended for two additional one (1) year renewal terms unless
either party give written notice to terminate this Agreement at least one
hundred and eighty (180) days prior to the end of the preceding term.
”
2. Automobile
Expense.
Section
4.3 of the Agreement is hereby amended to increase the automobile allowance
provided to Employee to $850 per month. Section 4.3 of the Agreement is replaced
and amended to read in its entirety as follows:
“4.3 Automobile
Expenses:
Employer
shall provide Employee with an automobile allowance in the amount of $850 per
month.”
3. Employee
Incentive Compensation Plan.
Section
3 of Addendum A to the Agreement, is hereby amended to remove the final sentence
of that Section regarding the maximum incentive bonus payable in any calendar
year pursuant to that Section. Section 3 of Addendum A to the Agreement is
replaced and amended to read in its entirety as follows:
“3. Employee
Incentive Bonus:
Employee
Incentive bonuses granted pursuant to this Agreement shall be paid annually,
within ten (10) days of the completion of the annual independent audit of
Employer. Such bonuses shall be one percent (1%) of Employer’s “Gross Sales over
$25,000,000.” However, in no event shall such bonus be paid or earned unless the
Employer reports a positive EBITDA for the period. For the purposes of this
section, no non-cash charges will be included in the calculation of
EBITDA.”
All
other
terms and conditions of the Agreement remain unchanged and shall continue in
full force and effect, except as may be required to effect the forgoing
amendments.
| EMPLOYER: | EMPLOYEE: | ||
|
Nutracea, by __________ |
Xxxx Xxxxx |
||
| Its __________ |
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